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Monday, January 10, 2011

iGate says to buy majority stake in India's Patni, (NASDAQ: IGTE), (PTNI)

U.S. software firm iGate (IGTE.O) said on Monday it would acquire a majority stake in India's Patni Computer (PTNI.BO) with backing by private equity firm Apax Partners for about $1.22 billion. The value includes of an open offer for another 20 percent in Patni, iGate said. It will acquire the shares at 503.50 rupees each. (Reporting by Bharghavi Nagaraju)